Many remain overwhelmingly pessimistic about bitcoin and the market in general. I can't say that I am ecstatic about it myself but I am still looking for signs of hope in a deep and murky ocean of blood.
We trace the following wave, ABC, and it provides us with ichimoku values N E V and NT shown above. We can see that the price is struggling with NT, a level of projected resistance/support we must breach in order to continue our ascent. If B is breached convincingly, values N E and V are in play.
While the price is flirting with our NT value, it is also struggling with the lower span of the kumo. It has penetrated the kumo, but going sideways. This is a neutral signal that means nothing except that we have at least risen above the lower kumo span, a projected support if we were to head south.
However, our oafish giant is providing us with some signals:
-The price itself is climbing upwards and has risen above both the conversion and base line. This is a bullish signal.
-The conversion line has crossed above the base line, which is a bullish signal.
The price is being supported by the conversion line, and the conversion line itself is ever so slightly gaining momentum. This is a good sign.
-Kumo spans are losing momentum and coming closer together... flip might be imminent?
The price action itself is showing bulls dominating in this time frame. It is a bit of a hail Mary but if the bulls decide to push right now it might be the right time to make our favorite impotent giant shine again.
Personally entered with a small position due to the ichi signals. I will fully enter if the price action shows more bullish dominance and/or if B is breached. This may be the start of many impulses and waves headed upwards to begin the rise I described in the related idea.
We trace the following wave, ABC, and it provides us with ichimoku values N E V and NT shown above. We can see that the price is struggling with NT, a level of projected resistance/support we must breach in order to continue our ascent. If B is breached convincingly, values N E and V are in play.
While the price is flirting with our NT value, it is also struggling with the lower span of the kumo. It has penetrated the kumo, but going sideways. This is a neutral signal that means nothing except that we have at least risen above the lower kumo span, a projected support if we were to head south.
However, our oafish giant is providing us with some signals:
-The price itself is climbing upwards and has risen above both the conversion and base line. This is a bullish signal.
-The conversion line has crossed above the base line, which is a bullish signal.
The price is being supported by the conversion line, and the conversion line itself is ever so slightly gaining momentum. This is a good sign.
-Kumo spans are losing momentum and coming closer together... flip might be imminent?
The price action itself is showing bulls dominating in this time frame. It is a bit of a hail Mary but if the bulls decide to push right now it might be the right time to make our favorite impotent giant shine again.
Personally entered with a small position due to the ichi signals. I will fully enter if the price action shows more bullish dominance and/or if B is breached. This may be the start of many impulses and waves headed upwards to begin the rise I described in the related idea.
Order cancelled:
This wave and its targets failed. Sorry guys. Related idea is still in play. Will look for new targets when they present themselves
